Lifting magnets have been used in the steel industry for many years and comprise a large circular shell formed from magnetically-permeable material (e.g., iron or low-carbon steel) which houses an electrical coil. Such magnets are sometimes used to lift steel plates or the like which are at relatively high temperatures. A steel workpiece, of course, cannot be lifted when its temperature is above the Curie point (about 1400.degree. F.) where it is no longer magnetic; however modern-day steelmaking practices dictate a need to lift the workpieces at higher and higher temperatures. This presents a problem in maintaining the electrical coil within the housing at a temperature where its insulation will not become damaged, particularly since it is surrounded by an iron or the like shell of high heat conductivity characteristics which is in contact with the hot workpiece.